WaMu Hit With Suit Over Fund Management Fees

Law360, New York (August 22, 2008, 12:00 AM EDT) -- Washington Mutual Inc. has been hit with a proposed securities class action from investors in a group of the bank's mutual funds who allege the bank misled them by misusing the funds' management fees.

In a complaint filed Wednesday in the U.S. District Court for the Western District of Washington, plaintiffs allege that the Seattle-based financial services firm violated federal securities laws by implementing a “steering program,” which failed to disclose payments made by the advisors of certain WaMu mutual funds to dealers who then sold...
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